UK: Dawson still in talks with Lingwu Zhongyin
Troubled cashmere and knitwear group Dawson International Plc says it has not yet reached any agreement to sell shares or assets to its controlling shareholder Lingwu Zhongyin Cashmere Company Limited.
Preliminary discussions were launched between the two companies last August.
Lingwu Zhongyin said in a statement: "There is still considerable uncertainty on this issue."
It added: "If the company decides to proceed with the purchase, due diligence investigations will be carried out accordingly.
Dawson, which is the main customer of Zhongyin, swung to a full year loss of GBP351,000 (US$698,635) in its last financial year, from a profit of GBP2.91m the year before, as it was hit by rising cashmere prices.
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